Consolidated net sales (including other operating income) of Kalpataru Power Transmission has increased 2.96% to Rs 4004 crore.  Operating profit margin has jumped from 8.18% to 9.34%, leading to 17.61% rise in operating profit to Rs 374.00 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 44.62% to 40.72%.   Employee cost increased from 8.78% to 9.35%.   Other expenses rose from 38.32% to 40.57%.   Other direct service cost rose from 27.90% to 33.63%.  Other income fell 92.59% to Rs 2 crore.  PBIDT rose 8.99% to Rs 376 crore.  Provision for interest rose 16.67% to Rs 119 crore.  PBDT rose 5.76% to Rs 257 crore.  Provision for depreciation rose 5.38% to Rs 98 crore.  Profit before tax grew 6% to Rs 159.00 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 50 crore, compared to Rs 89 crore.  Effective tax rate was 31.45% compared to 25.57%. Minority interest increased 18.18% to Rs -9.00 crore.  Net profit attributable to owners of the company decreased 56.30% to Rs 118.00 crore.  

Sales of Development Projects segment has gone down 12.12% to Rs 58.00 crore (accounting for 1.45% of total sales).  Sales of EPC segment has gone up 3.32% to Rs 3,925.00 crore (accounting for 97.95% of total sales).  Sales of Others segment has gone down 4.00% to Rs 24.00 crore (accounting for 0.60% of total sales).  Inter-segment sales rose Rs 1.00 crore to Rs 3.00 crore.  

Profit before interest, tax and other unallocable items (PBIT) has slumped 38.96% to Rs 271.00 crore.  PBIT of Development Projects segment fell 17.65% to Rs 28.00 crore (accounting for 10.33% of total PBIT).  PBIT of EPC segment fell 44.01% to Rs 243.00 crore (accounting for 89.67% of total PBIT).  

PBIT margin of Development Projects segment fell from 51.52% to 48.28%.  PBIT margin of EPC segment fell from 11.42% to 6.19%.  Overall PBIT margin fell from 11.41% to 6.76%.  

 

Nine month performance

Net sales (including other operating income) of Kalpataru Power Transmission has increased 7.87% to Rs 11479 crore.  Operating profit margin has jumped from 8.33% to 9.04%, leading to 17.02% rise in operating profit to Rs 1,038.00 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.83% to 42.50%.   Employee cost increased from 9.00% to 9.18%.   Other expenses fell from 39.87% to 39.32%.   Other direct service cost rose from 31.08% to 32.39%.   Other income fell 52.73% to Rs 26 crore.  PBIDT rose 12.95% to Rs 1064 crore.  Provision for interest rose 12.42% to Rs 335 crore.  

PBDT rose 1.20% to Rs 729 crore.  Provision for depreciation rose 4.44% to Rs 282 crore.  Profit before tax grew 19.52% to Rs 447.00 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 135 crore, compared to Rs 119 crore.  Effective tax rate was 31.40% compared to 22.08%.

Sales of Development Projects segment has gone up 32.89% to Rs 198.00 crore (accounting for 1.72% of total sales).  Sales of EPC segment has gone up 7.71% to Rs 11,200.00 crore (accounting for 97.53% of total sales).  Sales of Others segment has gone down 11.34% to Rs 86.00 crore (accounting for 0.75% of total sales).  Inter-segment sales rose Rs 2.00 crore to Rs 5.00 crore.  

Profit before interest, tax and other unallocable items (PBIT) has slumped 10.71% to Rs 742.00 crore.  PBIT of Development Projects segment rose 19.05% to Rs 75.00 crore (accounting for 10.11% of total PBIT).  PBIT of EPC segment fell 13.57% to Rs 675.00 crore (accounting for 90.97% of total PBIT).  PBIT of Others segment rose 38.46% to Rs -8.00 crore (accounting for -1.08% of total PBIT).  

PBIT margin of Development Projects segment fell from 42.28% to 37.88%.  PBIT margin of EPC segment fell from 7.51% to 6.03%.  PBIT margin of Others segment rose from negative 13.40% to negative 9.30%.  Overall PBIT margin fell from 7.81% to 6.46%.  

Order book update

Standalone order Book at all-time high of ?41,442 Crore as on 31 Dec 2022; Additional L1 position of Rs. 5,200 Crore.

Secured orders of ?19,487 Crores till date in FY23.  Record order inflows across T&D, B&F, Water & Urban Infra business.

Commenting on the results, Mr. Manish Mohnot, MD & CEO, KPTL said:  “This has been a period of focusing on our positioning for the future as we consummate the merger of JMC with KPTL. The merger strengthens our business model and sets us strong to reap the benefits of global energy transition and infrastructure development in India and international markets. We are uniquely placed given our differentiated civil-engineering-led capabilities, international presence and healthy balance sheet to accelerate profitable growth.  We have delivered a good performance in the quarter underpinned by strong operational execution despite the continued cost pressure and macro headwinds. An EBITDA margin of 9% range, demonstrates the strength of our profitable growth-led execution business model. Our T&D (international), Water, B&F and Urban Infra business are seeing robust traction, as our order wins are at a record high. We continue to progress on improving our working capital intensity, speedier project closures and divesting non-core assets in order to further optimise our debt levels”. 

Other developments

Merger of JMC Projects (India) Ltd. with KPTL completed and the record date for allotment of shares was 11th January 2023, newly issued shares listed on 1st February 2023.

Net Debt as on 31st December 2022 at Rs 2,896 crores. 

Promoters’ stake was 51.53% as of 31 December 2022 ,compared to 51.58% as of 31 December 2021 .  Promoters pledged stake was 48.84% as of 31 December 2022 ,compared to 50.00% as of 31 December 2021 .